Indian consumers using digital payment methods face risks pertaining to data security and privacy at multiple stages of the transaction process. In the context of demonetisation and the concomitant emphasis on digital payment onboarding, the potential impact of cybercrime is acute.
To identify key challenges relating to this, the Observer Research Foundation (ORF) and Koan Advisory co-hosted a round-table discussion on “Securing Digital Payments: Imperatives for a Growing Ecosystem”, on 3rd February.
The discussion was held under Chatham House Rules. The driving questions are appended below:
1. What are the most pressing security challenges to digital payment gateways?
2. How does the proliferation of mobile devices and platforms affect the security of the ecosystems?
3. Can regulatory systems in place to protect the digital payments ecosystem be harmonised? How can non-governmental stakeholders best contribute to the regulatory/ security audits process?
4. Does the RBI’s Vision-2018 for payment systems appropriately contextualise domestic security concerns? What are the pertinent recommendations within the Watal Committee Report?
5. What are the largest infrastructural liabilities in the payment ecosystem? How can ‘single points of failure’ within different payment networks be identified and ring-fenced?